BUSINESS

AL-’AQAR PROPOSES PRIVATE PLACEMENT TO RAISE UP TO RM50 MLN

27/10/2020 09:50 PM

KUALA LUMPUR, Oct 27 -- Al-’Aqar Healthcare Real Estate Investment Trust (REIT) has proposed to undertake a private placement to raise up to RM50 million.

The placement size represents not more than 20 per cent of its existing issued share capital and the number of units to be placed would be dependent on the issue price to be fixed later.

Al-’Aqar management company Damansara REIT Managers Sdn Bhd said the proceeds would be used for repayment of Islamic financing (RM30 million), future acquisitions (RM15.3 million), capital expenditure (RM4 million) and defrayment of estimated expenses (RM700,000).

It said with the repayment, its total Islamic financing over total assets ratio was expected to fall to 0.39 times from 0.41 times, which would provide it with more headroom for future acquisitions to be financed by Islamic financing.

The company said the proposed private placement was expected to be completed by the fourth quarter of 2020.

On acquisitions, the healthcare REIT’s manager said it was exploring opportunities to acquire more hospital buildings.

Al-‘Aqar’s portfolio of healthcare properties comprises 17 hospitals, three wellness/healthcare centres, two colleges and an aged care and retirement village, which are mostly leased to KPJ Healthcare Bhd.

With the relaxation of the Movement Control Order, the KPJ hospitals’ operation had shown signs of recovery in June 2020, it added.

-- BERNAMA 

 

 


 


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